It now costs $1 million a day to hire a supertanker on the Persian Gulf-to-China route, for first time ever.

Intelligence summary

It now costs $1 million a day to hire a supertanker on the Persian Gulf-to-China route, for first time ever. Previous "once in a lifetime" peaks were around $200,000. This is five times that. Almost no one will send a ship through Hormuz anymore, so crude gets shuttled through the strait on smaller vessels then transferred to VLCCs outside — soaking up ships and time. One Korean operator, Sinokor, controls roughly 10% of the global VLCC fleet and has unusual pricing power. Even